My Health Insurance of Washington reports that many Health Insurance Tax deductions go unclaimed.

Oct. 22, 2009 - PRLog -- Proper planning with respect to how you structure and use your health insurance can really pay off when the tax man comes. My Health Insurance of Washington is not qualified to give tax advice, but the next few items should be discussed with your tax preparer.
H.S.A. Plans: Health Savings Account qualified Health Insurance Plans (H.S.A.’s) have two components: 1) a qualifying health insurance plan, and 2) a tax advantaged savings account.  May people who have H.S.A. plans never set up and take the full advantage of the tax benefit associated with the allowed savings account component.  Amounts (up to certain limits) contributed to your H.S.A. savings account can be deducted dollar for dollar from your top line income on form 1040 (line 25 on 2008’s form).  The money contributed tax free is yours to keep (it’s not use it or lose it) and to spend on any qualifying health expenses you or your family incur now or in the future. If you know you are going to have health expenses, you might as well pay for them with your tax free dollars.
Self-employment deduction: This is a no brainer for the self-employed or people with a small business. Health insurance premiums for you and your family can in many cases be taken as a business expense. (In 2008 on form 1040 it came out on the first page on line 29.) In addition, if you have an H.S.A. plan, not only can you take the top line deduction from your income for amounts contributed to your H.S.A. account as explained above, but your monthly H.S.A. health insurance premiums can also be taken as this business expense.
Health Expenses greater than 7.5% of your AGI:  If your total health insurance expenses for you and your family are greater than 7.5% of your Adjusted Gross Income, amounts spent OVER that 7.5% can be taken as a deduction. What qualifies? Much more than you think! Please refer to the IRS site http://www.irs.gov/publications/p502/ar02.html for the full list. Many people just don’t keep receipts, and don’t realize that money spent on a whole host of qualifying health expenses could have been taken as a legitimate deduction. If you had a major health event, had a new baby, or other combined health expenses which could put you over the 7.5% threshold, make sure you look into this.
My Health Insurance of Washington specializes in helping individuals, families, the self-employed, and small business find quality health insurance plans to meet their financial needs.  Based in Washington State, their sole focus in on Washington State Health Insurance.  www.myhealthinsurancewa.com  1-877-877-9545

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My Health Insurance of Washington specializes in helping individuals, families, the self-employed, and small business find quality health insurance plans to meet their financial needs. Based in Washington State, their sole focus in on Washington State Health Insurance. www.myhealthinsurancewa.com 1-877-877-9545